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Report: Kenyan Parliament Committee Approves Bill Proposing to Widen Definition of Securities to Include Crypto
A Kenyan parliamentary committee has reportedly approved a bill that proposes to widen the definition of securities to include cryptocurrencies. The bill proposes a tax on crypto exchanges and digital wallets as well as a capital gains tax on users who realize a capital gain from the sale of their crypto assets.
Bill Just Two Readings Away From Presidential Assent
A Kenyan parliamentary committee recently voted to approve the publication of a bill that proposes to include cryptocurrencies in the definition of securities, according to a report. The bill, sponsored by Abraham Kirwa, a member of parliament (MP) for Mosop, is now set to go to the Kenyan National Assembly for a second reading. Legislators are expected to debate and make further amendments at the third reading stage.
Once the bill, known as the Capital Markets (Amendment) Bill, 2023, is approved, it will be sent to the Kenyan president for his assent. Kimani Kuria, whose committee approved the bill, said regulating the crypto space is especially crucial in a country that boasts millions of users.
“This is a very critical law that will guard our country against proceeds of crime and terrorism financing. Cryptocurrencies are already being traded by millions of Kenyans yet we have no law to govern it. We approve this Bill for publication,” Kuria, an MP for Molo, reportedly said.
Capital Gains Tax on Crypto
As explained in the report, the Kenyan Capital Markets (Amendment) Bill, 2023 seeks to introduce taxes on crypto exchanges and digital wallets. The bill also proposes a capital gains tax on users who realize a capital gain from the sale of their crypto assets.
The sponsor of the bill, Abraham Kirwa, a member of parliament (MP) for Mosop, insisted that this bill will help ensure that Kenyans are shielded from risks commonly associated with cryptocurrencies. Kirwa also accused the Central Bank of Kenya of dragging its feet and not doing enough to ensure crypto users are protected.
The Central Bank of Kenya (CBK) has seemingly adopted a lukewarm approach towards cryptocurrencies even as their popularity grows. Also, the former governor of the CBK Patrick Njoroge repeatedly spoke out against crypto and bitcoin during his tenure. However, despite this, many Kenyans have embraced crypto assets, and the country is now widely seen as one of Africa’s biggest crypto markets.
Meanwhile, among some of the bill’s key proposals is the requirement that would compel any person possessing cryptocurrencies to furnish Kenya’s Capital Markets Authority with details such as the amount of proceeds from the transaction, any costs related to the transaction, and the amount of any gain or loss on the transaction.
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Hong Kong Regulator Planning to Widen Purview of Virtual Assets Supervision
The Hong Kong Monetary Authority is reportedly planning to expand the purview of its supervision of virtual assets to include entities that issue stablecoins. The Hong Kong regulator said it also wants to create a framework that governs banks’ provision of virtual asset custody services.
Hong Kong’s ‘Very Clear’ Rules
The Hong Kong Monetary Authority (HKMA) is working on expanding the scope of its supervision of virtual assets to include stablecoin issuing entities, Chen Haolian, Deputy Secretary for Financial Services and the Treasury, has said. Speaking at the recently held Hong Kong Fintech Week, Haolian also revealed that HKMA and the region’s treasury will soon ask for the public and the banking industry’s input on this matter.
According to a local report, the Hong Kong regulator wants to create a framework to govern banks’ provision of virtual asset custody services. Such a framework will not only ensure that customer assets are protected but it will also supposedly cement Hong Kong’s emerging reputation as a region with “very clear” rules.
In his speech at the weeklong event, the deputy secretary claimed that many European companies are interested in establishing a presence in Hong Kong. Such a presence will be used as a launchpad for the respective companies’ entry into China’s mainland market.
Meanwhile, when discussing the likely impact of Web3 technology on the broader economy, Haolian argued that the technology can be the basis for solving problems in finance, education and business operations. The technology could also help improve efficiency and reduce costs, and according to Haolian, “we should seize and embrace the benefits and opportunities it brings.”
Concerning blockchain, the deputy director revealed that Hong Kong has been promoting the use of this technology in the insurance industry and trade finance for more than four years.
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Unstoppable Domains and Crypto Browser Opera Widen Scope to Offer Accessible Web3 Identity System
Opera, the Web3 browser, and Unstoppable Domains, the non-fungible token (NFT) domain provider, have announced that users can now access all domain endings, including .x, .crypto, and .nft, across Opera’s browsers. Additionally, Opera and Unstoppable are offering a free .nft domain that matches an Opera user’s Twitter handle after account verification.
Opera Expands Web3 Capabilities With Access to Polygon Domains
Unstoppable Domains, the crypto domain provider, and Web3 browser Opera announced the firms are expanding their partnership to support all Unstoppable top-level domains, including .nft, .crypto, .wallet, and .x. The two companies believe that these domains offer an accessible digital identity system, enabling anyone to create a Web3 website using an Unstoppable domain.
In November 2022, Web3 browser company Opera launched degenknows.io, a tool for tracking and exploring NFT analytics. The following month, Opera announced the Alteon Launchpad, enabling users to mint NFTs without needing any coding experience. Jorgen Arnesen, Opera’s executive vice president for mobile, stated that “Unstoppable Domains offers powerful mechanisms for anyone to take control of their digital identity.”
Arnesen stated that the collaboration allows users to “safely and securely access Web3 content through every version of the Opera browser.” Additionally, the integration with Unstoppable enables the use of human-readable domains, such as “rockstar.nft,” with the Opera Crypto Wallet. This means that a user can share the name “rockstar.nft” to receive assets, rather than using a long alphanumeric cryptocurrency address.
Opera has been involved with crypto assets for some time and emphasizes privacy with its ad blocker, tracker blocker, and VPN as standard features. The browser first introduced a cryptocurrency wallet integrated into the browsing experience in July 2018. On Feb. 16, Opera’s shares listed on Nasdaq fell by 1.48%, but year-to-date statistics indicate the stock is up 22.33%. As of September 2022, Opera’s net income is down by 60.07%, and its net profit margin has decreased by 68.81%.
What are your thoughts on the future of digital identity systems and the potential impact of accessible Web3 domains? Share your thoughts in the comments section below.
Inverse Relationship Between Gold And Bitcoin Continues To Widen
Bitcoin was trading north of the ,000 levels, as it managed to break above key resistance. The first cryptocurrency by market cap sits at ,044, at the time of writing, with small losses after a strong rally pushed it high from the lows at ,000.
BTC with minor losses in the 24-hour chart. Source: BTCUSD Tradingview
Bitcoin and the crypto market have been negatively reacting to the events coming from Washington as the Senates approved the infrastructure bill without the amendments to exclude certain entities from tax requirements. The fight will continue in other government institutions.
Our effort to get a vote on a digital asset fix failed because other senators refused to set aside their disagreements to support something they could actually agree on. Thanks @SenToomey for explaining this at the end of our effort on the floor.https://t.co/Lok8EWK1Eb
— Senator Cynthia Lummis (@SenLummis) August 9, 2021
Despite the news, BTC has held support at its current levels. In the meantime, other commodities as taken a turn to the downside. After a major rally during March and May 2021, Gold (XAU) fell from ,800 to its current price at ,731 strengthen the theory that there is an inverse correlation between the precious metal and Bitcoin.
Gold on a downtrend in the daily chart. Source: XAUUSD Tradingview
Trader Adam Mancini believes Gold crashed after it failed to clear its 200 daily moving average (DMA) and losing support north of ,830. Mancini expects the precious metal to hold support at ,745 or it risked to dropped further to ,690. The critical area to watch for the bulls stands at ,795. The trader added:
If 90 fails from here its a long way down to 75 next major support. As posted bulls will need to recapture some levels to confirm a bottom. 50 a good start, but getting back above 70 would be massively bullish now and trigger a new leg higher.
Mancini noted that Gold has been showing signs of weakness as Bitcoin rallied from the bottom of its previous range. However, the trader doesn’t rule out a break in the inverse correlation as both assets are showing signs of possible future appreciation. He added:
Bitcoin $BTCUSD is waking up. Technicals suggest rally is young. Key pattern is a rising channel from Sept 2020 which held at 29k. Likely path is 54-55k next, good pullback, then 75k channel resistance. 29k *must* hold
Source: Adam Mancini
Bitcoin Rises As Gold Experiences One Of Its Worst Periods To Date
Arcane Research recently published a report supporting the inverse correlation between BTC and Gold. The precious metal has been “compounding losses” already accumulated in previous days with a major sell-off in the derivatives sector.
Around 24,000 Gold futures contracts were sold in a short span of time during the Asian trading session, Arcane Research added. This constituted Gold’s “fastest and second-biggest nominal drop ever”. The macro-economic outlook seems to be contributing to the price action on both assets.
Some speculate that the soon-to-be-published report by the U.S. on inflation, the measure by the Consumer Price Index (CPI), could “encourage a reduction in stimulus by the FED”. The lower the inflation expectations, the fewer investors feel the need to use Bitcoin and Gold as a hedge.
Source: Arcane Research
Senior Commodity Analyst for Bloomberg Intelligence Mike McGlone claimed that Bitcoin and gold could face a threat precisely from a macroeconomic event. In the meantime, McGlone believes BTC and XAU could “advance together” as digital and analog stores of value. The expert added:
Resurfacing deflationary forces indicated by declining U.S. Treasury bond yields and peaking commodities add underpinnings to gold and Bitcoin.
Bank of Korea Report Crypto Price Gap Between Local, Foreign Exchanges Could Widen Again
n A Bank of Korea official has warned of the possibility of another kimchi premium, or the widening in the price gap between crypto listed on domestic and foreign exchangesn
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